This crypto millionaire is building his own city in the Nevada desert

Jeffrey Berns plans to develop 67,000 acres into a city powered by blockchain

TRD NATIONAL /
Nov.November 04, 2018 09:00 AM
Jeffrey Berns (Credit: Concept architecture by Ehrlich Yanai Rhee Chaney Architects +Tom Wiscombe Architecture)

A cryptocurrency millionaire plans to transform desert land in Nevada – a plot larger than Reno – into a dream city that runs on blockchain technology.

Jeffrey Berns, owner Blockchains LLC, paid $170 million this year to buy land populated mostly by bush and wild horses, the New York Times reported. Now, he’s planning an experimental community that will span over 100 square miles and include homes, schools, commercial districts, production studios, an office park and e-gaming arena.

Renderings courtesy Tom Wiscombe Architecture

Blockchains, LLC acquired 67,000 acres of land in northern Nevada earlier this year to build this new city, which has been dubbed Innovation Park. The smart city will have blockchain technology incorporated into its infrastructure and systems.

Renderings courtesy Tom Wiscombe Architecture

Berns bought into Nevada for his megaproject because of its tax benefits and lack of income taxes. He is spending his own money – $300 million so far, he said – on land, offices, planning and staff of 70 employees.

He also promised to relinquish 90 percent of the dividends to residents, employees and investors.

So far, Berns won approval from officials eager for development. Storey County, where the land is located, has about 4,000 residents. It’s best known for mining and, until now, brothels.

Berns said the company won’t begin construction on the broader property until late 2019, at the earliest, after finalizing the master plan and getting approval from the county. [NYT] – Gregory Cornfield


Related Articles

arrow_forward_ios
Propy's Natalia Karayaneva and TechCrunch's Michael Arrington (Credit: Getty Images, iStock)

Blockchain real estate platform records $1.6M home sale in San Francisco

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

arrow_forward_ios